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This investment presentation explores the unique opportunities within Japan's stock market, highlighting notable companies across various sectors. Featured firms like Nippon Sharyo and Accordia Golf demonstrate Japan's potential in infrastructure and leisure, while Daiseki and Nihon Unisys showcase advancements in waste management and IT services. With a focus on attractive valuations and growth prospects, this overview aims to encourage investors to look beyond macroeconomic challenges and consider Japan's promising investment landscape.
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A smorgasbord of Japanese companies Name: Nippon Sharyo Ltd Description: Manufactures locomotives, passenger and freight rail cars. Also produces industrial machinery and steel structures such as bridges Market cap: Yen83 bn • GBP588 m • P/E (X): 21.5 Topix P/E (X): N/A • Est P/E (X): 24.8 Topix Est P/E (X): 32 • Yield:0.88% Yield:1.78% • Gorilla theme: Infrastructure • Cluster: Rail 7 Source: Bloomberg
Nippon Sharyo 7 Source: Company
Nippon Sharyo 1964 (130 mph) Today (200 mph) 2020? (300 mph?) 7 Source: Company
A smorgasbord of Japanese companies Name: Daiseki Co, Ltd Description: Provides waste disposal services in Japan. Specialises in waste oil and polluted sludge processing, with leading-edge treatment technology Market cap: Yen79 bn • GBP560 m • P/E (X): 35.5 Topix P/E (X): N/A • Est P/E (X): 30.1 Topix Est P/E (X): 32 • Yield:1.08% Yield:1.78% • Gorilla theme: Clean & Green • Cluster: Waste 7 Source: Bloomberg
Diaseki 7 Source: Company
A smorgasbord of Japanese companies Name: Seven & I Holdings Co, Ltd Description: Holding company operating department stores, supermarkets, restaurants and Seven Eleven convenience stores Market cap: Yen1,826 bn • GBP12.9 bn • P/E (X): 30.3 Topix P/E (X): N/A • Est P/E (X): 18.1 Topix Est P/E (X): 32 • Yield:2.78% Yield:1.78% • Gorilla theme: Consumption / Restructuring / External growth • Cluster: Asian consumers 7 Source: Bloomberg
Seven & I 7 Source: Company
Seven & I – China opps 7 Source: Company
A smorgasbord of Japanese companies Name: Accordia Golf Co, Ltd Description: Owns and manages golf courses located in Japan. Pioneer of affordable golf, with low fee, high usage model. Linked to Goldman Sachs Market cap: Yen99.8 bn • GBP705.7 m • P/E (X): 7.15 Topix P/E (X): N/A • Est P/E (X): 10.01 Topix Est P/E (X): 32 • Yield:1.05% Yield:1.78% • Gorilla theme: Asset play • Cluster: Deflation buster 7 Source: Bloomberg
Accordia Golf 7 Source: Company
Accordia Golf 7 Source: Company
A smorgasbord of Japanese companies Name: Nihon Unisys Ltd Description: Provides integrated IT services through a one-stop access to consultation, provision and maintenance of IT requirements Market cap: Yen60.7 bn • GBP429.4 m • P/E (X): N/A Topix P/E (X): N/A • Est P/E (X): 13.63 Topix Est P/E (X): 32 • Yield:1.81% Yield:1.78% • Gorilla theme: Valuation • Cluster: Cyclical recovery 7 Source: Bloomberg
Nihon Unisys 7 Source: Company
Conclusion • Japan is a classic stock pickers market • There are plenty of interesting companies (and plenty of un-interesting ones) trading at valuations unmatched elsewhere • Japan Inc is well placed in a variety of sectors that have multi-decade structural drivers • Don’t let the headline macro picture hide the fact that from a bottom-up perspective there is plenty to buy in Japan, offering excellent potential returns 7
